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The Chancellor of the Exchequer announced on the 6 May that the Government was giving the Bank of England operational responsibility for setting interest rates to meet the Government's inflation target with immediate effect. Operational decisions will be taken by the Bank's Monetary Policy Committee. The Committee will meet on a regular monthly basis, and minutes of its meetings will be released no later than 6 weeks after each meeting. The minutes of the 6 May are therefore be the last published by the Treasury.

The minutes of the Monthly Monetary Meetings before May 1997 can be found on the Previous Administration pages.

- Previous Administration

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